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Starboard Chief Smith Steps In At Papa John's

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Shares of Papa John's rose 12% to $43.01 before the bell. : Starboard Value LP will make a $200 million investment in Papa John's International Inc and the activist hedge fund's chief executive officer will become the chairman of the troubled pizza chain, the company said on Monday. Starboard's Jeffrey Smith will replace Papa John's founder John Schnatter, who resigned last July following reports that he had used a racial slur on a media training conference call.

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